Home China Headline Grain unit to float IPO in Hong Kong

Grain unit to float IPO in Hong Kong

China Agri-Industries Holdings Ltd, a unit of China mainland's largest grain trader, may raise as much as HK$2.6 billion (US$332 million) in an initial public offering in Hong Kong, two people with direct involvement in the transaction told Bloomberg News. The unit of Hong Kong-traded Cofco International Ltd will sell 697.8 million new shares, equal to a 20 percent stake, said the people, who declined to be identified before an official statement. The shares are being offered at between HK$3.10 and HK$3.72 apiece, Cofco said in a release yesterday. Mainland companies sold US$47 billion worth of stock in Hong Kong last year, acquiring funds to build new factories and expand product lines in the mainland. China Huiyuan Juice Group Ltd last week raised HK$2.4 billion selling shares on the city's stock market for the first time. China Agri began taking orders from fund managers yesterday, the people said. It has set aside 90 percent of the offering for institutional investors. Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Show/Hide comments Write comment Show/Hide comment form Name Email Website Title Comment Write the displayed characters Add Comment Copyright 2007. All Rights Reserved.

 

< Prev		Next >